Sell Your Home Even if It’s in Foreclosure

Understanding Lis Pendens: What It Means for Homeowners

Lis Pendens – A legal notice that a pending foreclosure case has been filed against your property.

If you've missed two or three mortgage payments and receive a Lis Pendens in the mail, you might be wondering, What’s next?

That document is a formal notice that your mortgage lender—whether it’s Bank of America, Regions Bank, Shellpoint, Guild Mortgage, or another institution—has initiated legal action to foreclose on your home. But don’t panic—you still have options.

Your Options When Facing Foreclosure

1. Pay Off the Past Due Mortgage Payments & Fees
   • If you can afford to catch up on your payments, doing so will make the bank drop the foreclosure case against you.
2. Hire a Foreclosure Attorney
   • An attorney can represent you in court and potentially delay foreclosure, allowing you to stay in your home longer. However, keep in mind that the past-due amounts and legal fees will continue to add up.
3. Sell Your Home and Walk Away with Cash (Your Best Option!)
   • If your home is worth more than what you owe, selling quickly allows you to:
     • Pay off the mortgage balance (making the bank drop the foreclosure case)
     • Avoid further legal action
     • Pocket the remaining cash

For example, if you owe $250,000 but your home is worth $350,000, selling means you can pay off the mortgage and walk away with $100,000 in cash.

Frequently Asked Questions About Foreclosure

Does a Lis Pendens Mean the Bank Already Took My House? No. It simply means the bank has started the foreclosure process in court. In most states, lenders must go through a judicial foreclosure process, meaning they can’t take your home without a court ruling.

How Long Does a Foreclosure Case Take?

• Fastest cases: As little as three months
• More complex cases (e.g., if the lender struggles to locate heirs): 1–2 years

How Long Can I Wait Before Selling My Home?

Technically, you can sell your house up until the day before the foreclosure auction, but that’s extremely risky. If you’ve received a Lis Pendens, act within 30 days to avoid accumulating extra legal fees and penalties.

Can I Get My House Back After the Foreclosure Auction?

No. Once the foreclosure auction is completed, the home is no longer yours. The key to avoiding foreclosure is acting quickly.

Can a Foreclosure Attorney Help Me Keep My Home?

Foreclosure attorneys can delay the case, but banks don’t forgive mortgages for free. While an attorney can buy you time, you’ll still be responsible for all missed payments and added legal fees. The longer the process drags on, the more expensive it becomes.

Sell Your Home Quickly & Avoid Foreclosure

If you're facing foreclosure, the best way to stop foreclosure fast is to sell your home to a trusted cash buyer like 131 Realty Corp.

📢 Don’t wait until a week before your auction date! The moment you receive a Lis Pendens, contact us so we can help you sell your home quickly and avoid foreclosure.

📞 Call us today for a free consultation!